What is Talent Management?

Let’s define talent management. Talent management refers to the systematic, planned, and strategic effort by a company to use bundles of human resource management practices, including acquiring and assessing employees, learning and development, performance management, and compensation to attract, retain, develop, and motivate highly skilled employees and managers.

Talent management is becoming increasingly more important because of changes in demand for certain occupations and jobs, skill requirements, the anticipated retirement of the baby boomer generation, and the need to develop managerial talent and skills of the next generation of company leaders.

Also, the results of surveys suggest that opportunities for career growth, learning, and development, and the performance of exciting and challenging work are some of the most important factors in determining employees’ (especially millennials) engagement and commitment to their current employer.